> Landlords typically trade between 18 times and 20 times earnings This is my favorite part. So WeWork is "trading" at 33x on projected annual earnings and yet

> Landlords typically trade between 18 times and 20 times earnings This is my favorite part. So WeWork is "trading" at 33x on projected annual earnings and yet these contracts can easily be broken. When it all falls down (it will, but probably less dramatically than we've seen in the past) this type of business will be hit the hardest. Not having fixed cost structures are typically why so many tech startups can be valued so highly.